Latest Q2 results: Five developments to know
- Large private banks reported higher profits. HDFC Bank, ICICI Bank and Axis Bank delivered different rates of growth, making a simple sector-wide verdict misleading.
- Regional lenders deserve attention. Federal Bank, Karur Vysya Bank and South Indian Bank reported strong quarterly profit figures.
- AI is becoming a disclosed revenue stream. TCS reported annualised AI revenue of $3.1 billion; HCLTech disclosed quarterly advanced AI revenue of $219 million.
- Higher revenue did not guarantee higher profit. Wipro reported revenue growth alongside a decline in net income.
- Comparison effects remain important. Jio Financial’s profit decline reflected, in part, the absence of dividend income that supported the previous year’s quarter.
India’s latest Q2 results reveal an uneven earnings season. Major banks have reported higher profits, but their lending margins, treasury income and provisioning trends tell different stories. Technology companies are showing measurable progress in artificial intelligence services, although that growth is not translating into equally strong performance across the sector.
HDFC Bank reported quarterly standalone profit of ₹19,510 crore, ICICI Bank earned ₹14,843 crore and Axis Bank posted ₹7,003 crore. In technology, TCS reported revenue of ₹73,188 crore, while HCLTech’s revenue reached ₹35,620 crore. These figures point to expanding businesses, but the quality and sustainability of growth require closer examination.
For readers tracking banks’ Q2 results, BFSI earnings and the latest business news, the central question is: how much of the improvement came from core operations, and how much came from lower provisions, investment income or the previous year’s comparison base?
Banks’ Q2 results FY27: Profit comparison
Figures below are quarterly net profit or PAT, not revenue. Reporting bases are identified where established in the sources; the table should not be treated as a uniform ranking of bank performance.
| Bank | Q2 FY27 profit | Year-on-year change | Key context |
|---|---|---|---|
| HDFC Bank | ₹19,510 crore, standalone | +4.7% | NII increased 9.7% |
| ICICI Bank | ₹14,843 crore, standalone | +20.1% | Stronger core operating earnings |
| Axis Bank | ₹7,003 crore, standalone | +38% | Profit declined approximately 2% sequentially |
| Punjab National Bank | ₹5,532 crore | +12.8% | NII growth and lower NPA provisions |
| Indian Bank | ₹3,462 crore | Approximately +15% | Other income benefited from an NSE stake sale |
| IDBI Bank | ₹2,205 crore | Approximately −39% | Previous-year one-time gain affected comparison |
| Federal Bank | ₹1,386.09 crore, standalone | +45.10% | NII increased 26.38% |
| YES Bank | Approximately ₹1,080 crore, consolidated | Approximately +65% | NII increased 22.7% |
| Karur Vysya Bank | ₹788 crore | Approximately +37.3% | NII and asset-quality improvement |
| UCO Bank | ₹786 crore | Approximately +27% | Advances and interest income supported growth |
| RBL Bank | Approximately ₹482 crore | +170% | NII increased 37% |
| South Indian Bank | ₹426.13 crore | — | Highest quarterly profit, according to the bank |
Sources: company disclosures and contemporaneous earnings reports. A dash indicates that a verified growth comparison is not supplied here
Also Read | For a closer look at lending and deposit growth, read our detailed report on UCO Bank’s Q2 FY27 results.
HDFC Bank Q2 results: Core income grows faster than headline profit
HDFC Bank’s standalone net interest income rose to approximately ₹34,620 crore, up 9.7% year-on-year. Profit grew 4.7%, while non-interest income declined 3.6%.
Its presentation provides an instructive comparison: profit after tax excluding treasury trading gains increased 12.6%, substantially faster than reported PAT. Return on assets stood at 1.78%, and capital adequacy was 18.9%.
The editorial takeaway is that slower headline profit growth did not mean every part of the bank’s operations weakened. Treasury performance materially changed the overall comparison.
ICICI Bank Q2 results: Stronger earnings, softer margin
ICICI Bank’s NII reached ₹25,339 crore, while core operating profit rose 21.8%. However, net interest margin declined to 4.18%, from 4.30% a year earlier.
Asset quality improved: gross NPA was 1.20%, and net NPA was 0.30%. These are separate measures and should not be used interchangeably.
Axis Bank Q2 results: Annual profit growth masks sequential pressure
Axis Bank reported NII of ₹15,371 crore, up 12%, and core operating profit of ₹10,998 crore, up 11%.
However, operating profit fell approximately 5% from the June quarter. Net interest margin stood at 3.36%, or 3.47% excluding the identified FCNR(B) impact. Gross and net NPA ratios were 1.16% and 0.35%.
The results show why annual and sequential comparisons belong together: a strong recovery against last year can coexist with pressure against the immediately preceding quarter.
PNB Q2 results: Lower provisions support earnings
Punjab National Bank’s NII increased 10.8% to ₹11,601 crore. Its NIM improved to 2.58% from 2.50% in the comparison cited in the earnings report.
NPA provisions fell sharply, but fresh slippages reached ₹2,233 crore. The implication is that lower provisioning supported current profit, while new stressed loans remain important to monitor.
Federal Bank Q2 results: Growth supported by income and asset quality
Federal Bank reported NII of ₹3,153.40 crore, up 26.38%, and operating profit of ₹2,225.37 crore, up 35.35%.
NIM stood at 3.32%. Gross NPA declined to 1.32%, while net NPA fell to 0.17%. This combination gives the profit increase greater context: the improvement extended across income, operating earnings and reported asset quality.
Separately, Federal Bank announced Rajesh Varrier’s appointment as an independent director, alongside its quarterly results.
Karur Vysya Bank, RBL Bank and South Indian Bank
Karur Vysya Bank: NII rose 18.72% to ₹1,497 crore. NIM was 4.34%, compared with 4.24% a year earlier, while gross NPA stood at 0.69% and net NPA at 0.18%.
RBL Bank: Operating profit increased 92% to ₹1,396 crore, and NIM reached 4.61%. Gross NPA declined to 1.02%. However, its CASA ratio fell to 27.21% from 31.86% a year earlier, making the deposit mix another important part of the results.
South Indian Bank: The bank’s official release identifies ₹426.13 crore as its highest quarterly net profit. Its preceding June-quarter profit was ₹377.63 crore. This is a separate result from Federal Bank’s ₹1,386.09 crore profit.
Read the full breakdown of South Indian Bank’s record Q2 FY27 profit
Indian Bank, UCO Bank, YES Bank and IDBI Bank
Indian Bank’s other income rose to ₹3,953 crore, with an NSE stake sale supporting earnings. UCO Bank reported total income of ₹8,174 crore, while higher provisions partly offset the benefit of stronger interest income. These results illustrate different sources of profit growth within public-sector banking.
YES Bank’s reported consolidated profit increased sharply, alongside 22.7% NII growth. IDBI Bank’s profit decline requires a different reading: the previous year included a one-time gain, complicating the headline comparison. Neither result should be assessed from the percentage change alone.
BFSI Q2 results: NBFCs, housing finance and capital markets
The latest BFSI results extend beyond banks. Lending growth, assets under management, credit costs and investment income all affect financial-services earnings.
| Company | Reported Q2 FY27 result | Additional detail |
|---|---|---|
| Bajaj Housing Finance | PAT approximately ₹757 crore, up 18% | AUM increased approximately 25%; NII rose 10% |
| IIFL Finance | PAT approximately ₹805 crore, up 93% | AUM increased 38% |
| L&T Finance | PAT ₹975 crore | Reported loan book ₹1,36,635 crore; ROA 2.60% |
| Jio Financial Services | PAT approximately ₹340 crore, down 51% | Previous-year dividend income affected comparability |
| Angel One | Consolidated PAT ₹334.97 crore, up 58.21% | Operating revenue ₹1,426.99 crore |
| IRFC | Net profit approximately ₹1,958.5 crore | Reported growth of 10.2% |
Sources: company investor information, brokerage result summaries and earnings reporting.
TCS Q2 results: AI growth alongside modest constant-currency expansion
TCS reported operating margin of 24%, total contract value of $9.6 billion and operating cash flow of ₹14,190 crore.
Rupee revenue increased 11.2% year-on-year, while sequential constant-currency growth was 0.5%. Its BFSI business grew 2.5% sequentially in constant currency.
These figures show why currency-adjusted growth matters: a strong rupee-revenue increase does not, by itself, measure the underlying pace of client spending. TCS also declared a ₹12-per-share dividend.
HCLTech Q2 results: AI revenue and margins improve
HCLTech reported 18.2% EBIT margin and new deal wins of $3.258 billion.
Advanced AI revenue reached $219 million, increasing 28.4% sequentially and 78% year-on-year in constant currency. Its FY27 company revenue-growth guidance was 2.5%–4% in constant currency, with an EBIT-margin range of 17.5%–18.5%.
The reported quarterly margins included restructuring costs. This detail matters when comparing the quarter with adjusted performance measures.
Wipro Q2 results: Better sequential margin, weaker bookings
Wipro’s official IFRS release reported net income down 1.9% year-on-year. IT-services operating margin improved sequentially to 16.5%.
However, total bookings declined 22.9% sequentially in constant currency to $2.595 billion. Large-deal bookings fell 58.6% to $674 million.
Its December-quarter IT-services guidance ranged from a 1.5% sequential decline to 0.5% growth in constant currency. The result therefore combines some operating improvement with a cautious near-term demand outlook.
Tech Mahindra and Tata Elxsi: Growth comes with execution questions
Tech Mahindra secured new deals worth approximately $1.02 billion and retained its FY27 operating-margin target of 15%. Its profit growth accompanied stronger revenue, although reported earnings fell below analyst expectations cited by Reuters.
Tata Elxsi’s profit increased more slowly than revenue as employee and operating costs rose. The result illustrates the importance of tracking expense growth alongside demand in engineering and design services.
What the latest results actually reveal about AI revenue
TCS and HCLTech offer measurable evidence of AI-related business, but their disclosures should not be placed in a direct ranking without adjustment.
TCS’s $3.1 billion figure is annualised AI revenue. HCLTech’s $219 million figure is quarterly advanced AI revenue. Their reporting periods and category definitions differ.
The useful questions for subsequent quarters are whether AI contracts generate incremental revenue, whether productivity gains improve margins, and how much of those gains clients retain through lower prices.
Those are analytical questions, not conclusions established by a single earnings announcement. A partnership, contract announcement or AI product launch should not automatically be counted as recognised AI revenue.
Bajaj Housing Finance and IIFL Finance: Different growth patterns
Bajaj Housing Finance’s AUM growth exceeded its NII growth. That gap makes lending yields and funding costs useful follow-up questions when assessing the quarter.
IIFL Finance’s earnings improvement was supported by operating leverage and lower loan losses and provisions. Its result therefore reflects both business expansion and changes in the cost of credit.
Jio Financial results: The previous year changes the story
Jio Financial’s profit fell sharply, but part of the comparison reflects the absence of ₹269 crore in one-time dividend income received a year earlier.
That does not remove the need to examine costs and provisions. It means the reported decline should be separated from the performance of its developing operating businesses.
Angel One results: Profit rises despite flat sequential revenue
Angel One’s consolidated operating revenue increased 18.74% year-on-year but declined marginally from the June quarter. Consolidated profit nevertheless rose 44.76% sequentially.
The company declared an interim dividend of ₹1.40 per share. For readers comparing brokerage earnings, the distinction between consolidated and standalone profit is particularly important: Angel One reported different figures on those two bases.
Insurance and asset-management Q2 results
HDFC Life: Premium growth and distribution recovery
HDFC Life reported quarterly profit of approximately ₹508 crore, up 13.6%. Net premium income increased nearly 16% to ₹21,727 crore.
Quarterly annualised premium equivalent reached ₹4,730 crore, while value of new business was ₹1,158 crore. VNB margin improved to 24.5% from 24.1%.
Recovery in sales through HDFC Bank supported the performance, according to Reuters’ reporting of the results.
HDFC AMC: Operating growth exceeds PAT growth
HDFC Asset Management Company reported:
- Revenue from operations of ₹1,168.9 crore, up approximately 14%.
- Operating profit of ₹906.9 crore, up approximately 16%.
- PAT of ₹749.9 crore, compared with ₹717.9 crore.
- Quarterly average AUM of ₹9,69,100 crore.
The difference between operating-profit growth and PAT growth makes this another result where the underlying business and final earnings should be examined separately.
Also Read | https://news4bharat.com/bfsi/icici-life-q2-results-fy27
IT companies’ Q2 results: TCS, HCLTech, Wipro and Tech Mahindra
| Company | Q2 FY27 revenue | Quarterly profit/net income | Main development |
|---|---|---|---|
| TCS | ₹73,188 crore | ₹13,884 crore | Annualised AI revenue reached $3.1 billion |
| HCLTech | ₹35,620 crore | ₹5,132 crore | Advanced AI revenue grew 78% YoY in constant currency |
| Wipro | Approximately ₹24,750 crore | Approximately ₹3,200 crore | Revenue rose, but net income declined |
| Tech Mahindra | ₹16,180 crore | ₹1,586 crore | Revenue increased 15.6%; profit rose 32.7% |
| Tata Elxsi | Revenue growth of approximately 15% | Approximately ₹170 crore | Profit increased approximately 10% |
Wipro figures above follow its rounded IFRS announcement. Other figures follow the reporting basis of the cited releases or earnings reports.
Editorial analysis: How to read this Q2 earnings season
The results covered here suggest three questions deserve more attention than a simple list of profit-growth percentages.
- First, is the growth repeatable? Lower provisions, investment gains and previous-year exceptional income can change reported earnings without producing an equivalent change in recurring business performance.
- Second, what is happening to margins? Banks can grow their loan books while earning less on each unit of assets. Technology companies can expand revenue while facing pricing pressure, restructuring costs or slower deal conversion.
- Third, are the comparisons consistent? Standalone profit should not silently be compared with consolidated profit. Quarterly AI revenue should not be compared with an annualised figure. Six-month insurance metrics should not be labelled as quarterly results.
For readers following the latest BFSI news and company results, those distinctions are what turn an earnings announcement into a useful assessment.
Coverage note: This roundup includes selected results verified from sources available on October 19, 2026. It is not a complete exchange-wide results database. Figures are rounded where indicated. Company disclosures take precedence over conflicting summaries.
Editorial disclosure: This article summarises selected financial results and disclosures available as of October 19, 2026. It is not an exhaustive list of companies reporting Q2 results. Figures may be rounded, and standalone, consolidated, quarterly and half-year metrics are identified where applicable. Company filings should be consulted for complete financial statements and explanatory notes. Analysis reflects editorial interpretation and does not constitute investment advice or a recommendation to buy or sell securities. Subsequent disclosures or corrections may change the information presented.